Welcome to The MapleMoney Show, the podcast that helps Canadians improve their personal finances to create lasting financial freedom. I’m your host, Tom Drake, the founder of MapleMoney, where I’ve been writing about all things related to personal finance since 2009.
The end of the year is coming to a close, but it’s not too late to optimize your taxes to keep more of your income. My guest this week, Janine Rogan, runs us through a checklist of year end tax tips, to help you get a bigger refund in the spring.
In this episode, Janine emphasizes why it’s so important to understand your income and tax situation prior to the end of the year. For example, deciding to incur a capital loss may offset an anticipated gain, or vice versa.
Self employed individuals could save money by squeezing in a planned expense prior to December 31st, so that it’s eligible as a tax deduction.
On the topic of tax refunds, Janine explains why getting a $5000 cheque from the government isn’t really a good thing, and how you can take steps to avoid it.
Have you heard of Smart Savings, by our sponsor, Wealthsimple? Put simply, it’s a better way to save. They offer no-fee deposits and withdrawals, and higher interest rates than the banks. To learn more about Smart Savings, head over to Wealthsimple today.
- Did you know? Unused charitable donations can be carried forward to future years.
- The importance of knowing your income situation at year end.
- Understanding how TFSA contribution guidelines work.
- The best time of year to pull money from your TFSA.
- Do we take tax sheltered vehicles (TFSA’s, RRSP’s) for granted?
- The benefit of offsetting capital gains and losses prior to year end.
- If you are self employed, incurring expenses can lower your tax bill.